Home Sellers Checklist 

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  1. For Buyer’s this is known as COSTS TO CLOSE.

  2. For Seller’s this is known as PROCEEDS OF SALE.

  3. Both Buyers and Sellers will receive a Statement of Adjustments from their Lawyer or Notary outlining their credits and debits. See below.

  4. BUYERS - CASH TO CLOSE

  5. Purchase Price Less Deposit

  6. + Property Transfer Tax is 1% on the 1st $200,000 and 2% on the Balance. If you are a First time home buyer you may be eligible for a grant. Consult your mortgage broker and lawyer for advice. And find out more here

  7. Legal Fees

  8. Appraisal (if applicable)

  9. GST (if applicable)

  10. Property Tax Adjustment

  11. Maintenance fee adjustment (if applicable)

  12. = Cash to Close

  13. This is the amount that your lawyer or notary will tally ahead of your signing appointment and have you bring in this amount in the form of a Bank Draft made out to their Trust Account.

  14. Other costs possibly incurred but considered official closing costs: Home inspection, Insurance, Interest Adjustment, Property Tax adjustment

  15. SELLERS - PROCEEDS OF SALE

  16. The Purchase Price Less:

  17. Any outstanding mortgage amount and penalty.

  18. Realtor Fees GST applicable.

  19. Adjustments - the buyer will reimburse the Seller for costs such as already paid Property Tax and maintenance fees and may also include move-in or move-out fees.

  20. Legal fees- budget anywhere from $1000-$1500

  21. Taxes - unless you are selling your principal residence, you are required to pay capital gain tax. Non-residents of Canada are required to pay 25% tax and will be required to file Clearance Certificate with Revenue Canada. The lawyer will be required to hold back 25% if this certificate has not been issued (it can take six months or longer). You are advised to consult an accountant prior to listing your property.

  22. = Proceeds of Sale

  23. This is the amount that you will receive upon closing.